Jul 2, 2024
Sainsbury's hit as wet weather dampens Argos sales
Sainsbury's has reported a slowdown in sales after the soggy spring weather hit trading at its Argos business. The UK's second largest supermarket said it had seen strong food sales, but the wet weather hit demand for garden equipment and outdoor furniture at Argos. Sainsbury's saw food sales rise 4.8%, with Nectar offers and Aldi price matching helping to attract shoppers. It also said its 'Taste the Difference' premium own brand range had seen sales jump by 14%. However, sales of non-food items were down and Argos also saw trading decline. Official figures showed that the UK's headline inflation rate - which charts price rises across the whole economy - hit the Bank of England's 2% target for the first time in almost three years in May. But experts are warning of a bumpy road ahead. The Bank of England has put up interest rates to try to dampen down consumer demand, meaning many face higher mortgage rates and rents.
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